"I left ₦5,000 in my Nigerian bank account before leaving Nigeria.

[DinoOmoAle]

Today the account is –₦500. Meanwhile in the UK, I have left money in my account for months and not even £1 has been deducted.

It makes me wonder.how do banks here make profit compare to Nigeria ?"

- Man who left ₦5,000 in Nigeria bank account before travelling to UK shares surprising balance.

 

[igwe emmanuel]

View attachment 15407Today the account is –₦500. Meanwhile in the UK, I have left money in my account for months and not even £1 has been deducted.

It makes me wonder.how do banks here make profit compare to Nigeria ?"

- Man who left ₦5,000 in Nigeria bank account before travelling to UK shares surprising balance.

Different systems and charges. In Nigeria, banks rely a lot on various account fees and transaction charges, while in the UK many basic accounts have little or no maintenance fees.

 

[Little Princess]

This is the 'japa' reality check many don't expect! @DinoOmoAle, the reason for that –₦500 is that Nigerian banks have a much higher Cost-to-Income ratio compared to UK banks. In the UK, banks make the bulk of their profit from the interest spread on mortgages and credit cards. In Nigeria, because our lending market is still developing, banks rely heavily on Non-Interest Income—meaning SMS alerts, card maintenance, and account fees. It’s why we always say on this forum: if you aren't moving your money into an interest-bearing asset like a Money Market fund or a REIT, the bank 'charges' will slowly eat your capital!